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opportunity for americans. at a time when our deficit has been cut in half, it enables us to meet our obligations to future generations without a mountain of debt. this adheres to the spending principles members of both houses and both parties agreed to. it also builds on that progress with what we are calling an opportunity, growth, and security initiative, that invests in our economic opportunities in a way that is paid for by making smart spending cuts and closing tax loopholes that right now only benefit the well-off and well-connected. i will give you an example. the tax system provides benefits to wealthy individuals who save, even after they have amassed multimillion dollar retirement accounts. by closing that loophole, we can help create jobs and grow the economy, and expand opportunity without adding a dime to the deficit. we know the country that wins the race for new technology will win the race for new jobs, so this creates 45 high-tech minute extra pounds where businesses and universities will partner to turn groundbreaking research into new industries and new jobs made i
provisions that only benefit a favored few. to bailoutncreases washington from its debt and deficit problems. if we are going to close a loophole, the american people should get the benefit of a lower rate instead of just handing them money over to washington so he can spend more. we close a lot of loopholes, we got a lot of the junk out of the code. our plan reveals 228 sections of the tax code. we cut the size of the income tax code by roughly 25%. tax reform needs to be about strengthening the economy, making the codes blur and fairer. today we had the opportunity to make the first step forward. this is the kind of tax code the american people need and deserve. before he opened us up to questions, i want to draw your attention to a list of the major provisions in the press release. when you are talking about the entire tax code, there is a lot to go over. i want to highlight a few items on the list in addition to lowering rates, this includes simpler improved taxation of investment income. we tax long-term capital gains and dividends as normal income but exempt 40% of such income six tax,
that there are substantial long-term budget deficit issues and a need for a sustainable physical path for the country to focus to the maximum extent possible on fiscal changes that would address the longer run issues that will be associated with rising debt-to-gdp ratio over decades and to try to avoid doing harm to the recovery, and i would take the same general position. >> but in the short run there is a value of additional fiscal stimulation in the economy that will complement what you're already doing and make it easier for you to withdraw the quantitative easing. is that a fair comment? >> i think the economy is beginning to recover and we have made progress. and, you know, at a minimum, i would hope that fiscal policy would do no harm. >> just one other quick question you have looked at an unemployment rate of 6.5% as a point of inflection if you will. but one of the aspects of the current employment situation is that labor force participation is falling that 6.5% might not capture the reality of the current economy and be an adequate sort of measure when you should begin or how you should beg
discrimination by insurance companies, that will reduce the deficit, they need to bring it up for a vote, but they do not have solutions. what they want to do is deny health insurance coverage to millions of americans. that's a shame. and i think we are wasting our time today voting again to turn our backs on the bill that will offer so much to the american people. don't we have anything else to do? all we seem to do is deny science, which is the bill that will be coming up next, the republicans want to stop e.p.a. from dealing with the climate change issue, or denying the rights of people to get health insurance. which the republicans have voted over and over again to do. i urge we vote no on this bill and yield back the balance of my time. the speaker pro tempore: the gentleman from michigan reserves. the gentlewoman from kansas is recognized. ms. jenkins: madam speaker, i'd like to yield two minutes to the gentleman from texas, chairman kevin brady, our chair of the ways and means health subcommittee. the speaker pro tempore: the gentleman from texas is recognized. mr. brady: madam sp
to address the debt and deficit. his vice president told democrats at their retreat that they have no interest and won't push for trade promotional authority. and the president has said his focus will be going around congress instead of working with it. so we have two options. we can follow the president's lead and pack it in for the year, just wait for the election, or we can pursue our own vision and continue to present alternatives to the mess that the president has brought us over the last five years. and that's exactly what we will do. we'll lead and our members will not shy away from advancing better solutions for the american people. it's why our ways and means chairman has commenced a discussion about how to reform our broken tax system. that's why our leaders have outlined a vision for how we would tackle immigration reform. that's why chairman ryan will write a balanced budget that helps save our entitlement programs. and it's why our members will offer an alternative when it comes to obamacare. we'll offer better solutions on jobs, job training, education, and a host of
about each other. that is what we have to get through here. thread forneedles to the trusted deficits. president obama has demonstrated an want to be a partner for peace. he is committed to trying to end the conflict and all of his claims. that? can do let's be candid. some of you doubt it. as it israelis security officials will a test, -- abbas has been against the violence. many hours spent with president abbas. i believe he clearly understands both the tremendous benefit of peace and the great costs of failure. he understands that in terms of his own people, his own grandchildren, the country he hopes to be able to lead, and in terms of the history that be leakers -- beleaguers all. he know the people what never have the self-determination without ending the conflict in a solution that delivers two states for two peoples. and so this prime minister when he looks me in the eye and said i cannot accept a deal with the palestinians that does not make the people of israel safer. we agree 100%. [applause] but i argue, there is a distinction between a unilateral withdrawal from lebanon w
Search Results 0 to 5 of about 6

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